CPEX Pharma sells for $76M

A unit of Footstar Corp., a holding company, has agreed to acquire CPEX Pharmaceuticals for $76.6 million in cash. The bid is worth $27.25 a share, more than twice what it was a year ago as back-to-back quarterly profits helped fuel investor interest. CPEX focuses on drug delivery technology. "After engaging with multiple parties during the review process, it was clear that this agreement was the most compelling outcome for our shareholders, delivering them significant and immediate value," Chief Executive John A. Sedor said. Report